The UK Government announced, on 31 January 2022, a planned expansion of the UK’s sanctions regime against Russia in relation to developments concerning Ukraine. Limited detail has been published, so far, on the scope of the proposed changes. The new sanctions will be introduced as part of new legislation due to be implemented by 10 February 2022.
This 30-minute webinar hosted by Baker McKenzie cyber experts Paul Glass in London and Cyrus Vance in New York, on Tuesday 22 February 2022, will discuss the cyber-related risks to businesses from this ever evolving situation related to Russia-Ukraine, and how they can prepare today to mitigate risks.
On 24 January 2022, the European Council approved certain conclusions asserting that European security is indivisible, that challenges to the European security order affects the security of the EU and its member states, and that the EU will provide unwavering support for the independence, sovereignty and territorial integrity of Ukraine and other neighbouring states. The European Council has condemned Russia’s actions with respect to Ukraine and has stated that further military action by Russia against Ukraine would have consequences.
The National Security and Investment Act came into force this week, completing the overhaul of the UK’s foreign investment rules and creating a standalone foreign investment screening regime. The new rules require businesses and investors to submit mandatory notifications for certain acquisitions of and investments in companies operating in 17 key sectors. The rules also grant the UK Government extensive powers to investigate and impose conditions on a wide range of transactions, including corporate investments as well as asset transactions, on national security grounds.
On 4 January 2022, the new UK foreign investment review regime under the National Security and Investment Act came into force, completing the overhaul of the UK’s foreign investment rules and commencing operation of a standalone foreign investment screening regime for the first time in the UK.
On 21 December 2021, the Court of Justice of the European Union issued its judgment in Bank Melli Iran (C-124/20). The judgment relates to the application of the EU Blocking Regulation (Regulation (EC) No 2271/96). The Blocking Regulation prohibits EU businesses from complying with certain extraterritorial US sanctions targeting Iran and Cuba. In many Member States, breaches of the Blocking Regulation can expose you to criminal penalties, albeit that enforcement has been very minimal to-date.
On December 2021, the UK Government announced a package of new measures with the aim of updating the export control regime in the UK.
On 15 December 2021, the European Parliament adopted a resolution on the challenges and prospects for multilateral weapons of mass destruction arms control and disarmament regimes. The resolution calls for the EU to play a strong role, and for member states to show continuous support, in all major disarmament treaties and non-proliferation regimes.
Baker McKenzie is pleased to invite you to an interactive webinar on 26 January 2022 focused on sanctions compliance in the Gulf. Our panel will include partners from our UK, US and Middle East sanctions teams.
As part of its post-Brexit trade policy, the UK has established its own independent trade remedies regime. Through its newly-formed Trade Remedies Authority, the UK can now investigate claims of unfair import practices from UK businesses and determine whether the UK Government should introduce trade remedy measures – including anti-dumping duties, countervailing duties and safeguard measures – onto imports into the UK.